China market rebound continues in July
By Will Pulson - 13th October 2023
China - Sales of commercial vehicles in China continued to recover moderately in July 2023, with sales rising by 17% to 286,000 units from 246,000 units a year earlier, according to wholesale data released by the China Association of Automobile Manufacturers (CAAM).
The country’s economy continued to recover from last year’s lockdowns, with GDP growth accelerating to 6.3% year-on-year in the second quarter after hitting a multi-decade low of 3.0% in 2022. First-half GDP growth came in at 5.5%, while full-year growth is forecast to exceed 5%. The country’s recovery from the Covid pandemic remains fragile, however, with the government continuing to introduce stimulus measures to offset weak consumer spending and sluggish manufacturing and exports. The property sector in particular is struggling to recover.
